Economics of cybersecurity and data protection

Abstract

The twenty-First century is witnessing the business model reinvention, and data is becoming the core competency to many technology companies. On the one hand, concepts like big data and consumer service personalization are rising; on the other hand, cybersecurity concerns, data protection, and data privacy are growing. In this report, we first tried to understand what the companies' consumer views are using their data and trying to provide a better consumer experience, feel safe sharing data, and be concerned about how their data has been stored, handled, and used. On another side, we shed light on laws in place for data privacy, especially in India, and how they evolve along with rapidly changing businesses. Data protection is playing a significant role in economic aspects. Reports mainly focused on 'Data Breach' to see the financial implications of violating data privacy in detail. We believe every other aspect related to Cybersecurity and Data Privacy will have its economic importance, but we’ve considered the data breach only for study purposes. The report talks about the Amazon and Big Baskets standing in cybersecurity and data protection. Here the Amazon represents the global market players, whereas Big Basket, a small scale or start-up growing itself in the technology business. The report briefly explains the legal frameworks and internal data protection practices followed by these two companies. Also, how changing cybersecurity and data protection laws impacting these companies and what are the ongoing debates.